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Economic Factors to Look While Buying a House in Navi Mumbai

September 10, 2019 by balajisymphony  

Panvel, Navi Mumbai is enclosed within the natural beauty and many housing projects have been started there. If you are interested to purchase a flat by choosing one of the best housing projects in Panvel, it will be a good idea. You will get the options for choosing the 2 or 3 BHK flats which are facilitated with all kinds of modern amenities to ensure your comfort and luxury. It is very important to choose the right property and checking of several economic factors are also very important while you are choosing 3BHK or 2BHK flats in Panvel. These economic factors are as follows.

 

Clear information about property tax

 

If you are thinking about purchasing a flat within the housing projects in Panvel, you should check the clearance of a property tax of the real estate. The property tax is levied by the local government and the owner of the property has to pay the property tax. You should check the owner of the property has made the payment of all required tax for the current years. If there is any unpaid tax, you will have to calculate for required money to pay the unpaid tax.

 

Required money for closing cost

 

In case of purchasing a luxury flat, there are many service providers are involved until the time of processing of selling the flats. Sometimes, third-party service providers charge for the closing cost which includes the services for securing, preparing documentation and completion of the final transaction procedure for selling of a flat.

 

Evaluation of debt to income ratio

 

It is one of the most important factors while you are going to purchase one of the best 2 BHK Flats in Navi Mumbai. DTI or Debt to income ratio is calculated based on your monthly expenses and your monthly gross income. It will help you to get an idea of whether you will be able to afford the cost of purchasing a property or a flat.

 

Checking off the list of financial agencies or banks involved within the project

 

Sometimes, the real estate companies are not able to complete their housing projects due to lack of enough cash and they depend on the banks or financial agencies for financing them. Several real estate companies have a good relation to the banks and financial agencies. They also offer the facility to get a bank loan while you are purchasing their property. Many real estate companies don’t offer the facility to get a bank loan while you are purchasing a flat.

 

Availability of home insurance

 

Home insurance is very important to protect your house from any kind of damage caused by natural calamities, theft or accident and so on. So, you should check the availability of home insurance while you are purchasing one of the 2 BHK or 3 BHK flats in Panvel.

 

By following the above-mentioned factors, you can purchase the right property or flat within the housing projects in Panvel.

 

Source:https://www.balajisymphony.com/blog/economic-factors-to-look-while-buying-a-house-in-navi-mumbai/